US Targets $1 Billion in Crypto Assets in Economic Crackdown on Iran

The United States has identified $1 billion of cryptocurrency assets that may be subject to seizure relating to Iran. At the NPolicy Summit, Scott Bessent announced the possibility of a seizure as he explained efforts to isolate Iran financially.

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Bessent Reveals US Plans For $1 Billion Crypto Seizure

US officials are set to freeze $1 billion in cryptocurrency connected to Iran. In the interview, Bessent reported that the U.S. government had identified about $1 billion in cryptocurrency and was trying to ring-fence them.

“We’re probably gonna seize a billion dollars of crypto this week,” he said, adding that authorities knew where the assets were located.

But he did not detail the name of the cryptocurrencies, the wallet addresses or financial institutions linked to the transactions. The Treasury Department has not officially announced that the proposed seizure has been made.

Bessent referred to Washington’s latest campaign against Iran as an “absolute isolation campaign” that includes financial limitations, maritime controls and restrictions on international travel.

On October 8, the US Treasury announced sanctions targeting 17 vessels accused of transporting Iranian petroleum and petrochemical products. The steps are part of Operation Economic Outcast, launched in August by Washington to cut Iranian revenue.

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Trump Threatens Renewed Attacks As Iran War Continues

The cryptocurrency seizure plan follows renewed tensions between the United States and Iran over their ongoing conflict, which started on February 28, 2026, with an attack on Iranian nuclear facilities by the United States and Israel.

On October 8th, Trump indicated that Washington would not launch another attack on Iran until the midterm elections in November. But he has already threatened another military escalation following the vote.

The Pentagon earlier said it had ordered U.S. Central Command to be ready for military action against Iran. Trump insisted that Washington was having productive talks with Tehran despite the ongoing conflict.

As earlier reported by Coingape, the administration has threatened strikes against Iranian bridges and power plants if attacks on vessels in the Strait of Hormuz continued.

But the Treasury Department’s new measures hit shipping firms, and tankers, it says, are helping Iran continue oil sales despite the U.S. sanctions.

Iran’s Crypto Economy Exceeds $7.8 Billion

According to a Chainalysis report, Iran’s cryptocurrency ecosystem handled over $7.78 billion in transactions in 2025 amid economic turmoil and sanctions.

During the fourth quarter of 2025, wallets linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) accounted for over 52% of the country’s cryptocurrency activity, according to Chainalysis. The firm also tracked over $3 billion in transfers to these addresses during the year.

Separately, TRM Labs noted that over $3.84 billion transited between CoinEx and sanctioned Iranian entities over the past seven years

TRM Labs also recorded around 6.2 million blockchain transfers worth approximately $2.7 billion between CoinEx and Nobitex, Iran’s largest domestic cryptocurrency exchange.

The study tracked U.S. sanctions against four leading Iranian cryptocurrency exchanges, Nobitex, BitPin, Wallex and Ramzinex in June.

Between June 2025 and June 2026, TRM Labs tracked about $67 million in transfers from the Iranian central bank to CoinEx-linked addresses across several blockchains.

For tracking suspicious transactions, advanced crypto onchain analysis software helps trace complex cryptocurrency movements across blockchains.